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Home My WebLink About5C EDA 2014 Annual Report , ...4, cD u 4646 Dakota Street SE Prior Lake,MN 55372 4Thwasott` CITY COUNCIL AGENDA REPORT MEETING DATE: MAY 11, 2015 AGENDA#: 5C PREPARED BY: CASEY MCCABE, COMMUNITY DEVELOPMENT SPECIALIST PRESENTED BY: DAN ROGNESS, COMMUNITY& ECONOMIC DEVELOPMENT DIRECTOR AGENDA ITEM: CONSIDER APPROVAL OF A RESOLUTION APPROVING THE PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY 2014 ANNUAL REPORT DISCUSSION: Introduction The purpose of this agenda item is to approve the EDA's 2014 Annual Report which is attached to this agenda report for your review. History Article 8.4 of the EDA Bylaws states, "Annually, or as may be required by City Coun- cil, at a time and in a form fixed by the City Council, the EDA shall make a written report to the City Council giving a detailed account of its activities and of its receipts and expenditures during the preceding calendar year, together with additional mat- ter and recommendations it deems advisable for the EDA to apprise the City of." Current Circumstances Using the 2013 Annual Report as a template, the EDA has completed the 2014 Annual Report. Conclusion The Annual Report reviews the past year's accomplishments and activities of the EDA. ISSUES: This report provides a good summary of annual EDA activities and has been ap- proved by the EDA for submission to the City Council. FINANCIAL Staff costs incurred with completing the report. IMPACT: ALTERNATIVES: 1. Motion and a second, as part of the Consent Agenda, to approve a resolution approving the EDA 2014 Annual Report, subject to further changes as may be provided by the City Council. 2. Motion and a second to table action and provide further direction to staff. RECOMMENDED Alternative#1 MOTION: ATTACHMENTS: 1. EDA 2014 Annual Report 01 "44 4646 Dakota Street SE 4trivxesolt" Prior Lake,MN 55372 RESOLUTION 15-xxx A RESOLUTION APPROVING THE PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY 2014 ANNUAL REPORT Motion By: Second By: WHEREAS, The Prior Lake Economic Development Authority(EDA) has completed its 2014 Annual Report for City Council review and approval; and WHEREAS, The Annual Report summarizes the EDA's activities during 2014; and WHEREAS, The City Council finds that it is in the public interest to approve the EDA's 2014 Annual Report. NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA as follows: 1. The recitals set forth above are incorporated herein. 2. The City Council approves the Economic Development Authority's 2014 Annual Report. PASSED AND ADOPTED THIS 11th DAY OF MAY, 2015. VOTE Hedberg Keeney McGuire Morton Thompson Aye 0000 ❑ Nay ❑ ❑ ❑ ❑ 0 Abstain 0 0 0 0 0 Absent 0 0 0 0 0 Frank Boyles, City Manager PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY (EDA) 2014 Annual Report PR/04, EDA Purpose: (Bylaws) The business of the Economic Development Authority shall include but not be limited to promoting growth, development and redevelopment of retail, commercial and industrial properties in Prior Lake; diversifying the City's tax base; providing tools and incentives to achieve the Economic and Community Development Vision Element in the City's 2040 Vision and Strategic Plan; and providing an incubator to generate ideas and initiatives to support economic growth and vitality. EDA Commissioners: ➢ Ken Hedberg(President) ➢ Michelle Choudek(Vice-President) ➢ Dave Chromy ➢ Rick Keeney ➢ Rick Bump (Currently Vacant) EDA Staff: ➢ Frank Boyles, Executive Director and Secretary ➢ Jerilyn Erickson,Treasurer ➢ Dan Rogness,Assistant Treasurer EDA Meetings: ➢ Regular meetings held on the third Monday of each month. ➢ Nine meetings were held in 2014. EDA 2014 Budget: ➢ $119,255 Personnel Services ➢ $69,340 Operational Expenses ($40,000 for Technology Village) ➢ $188,595 Total Budget Summary of 2014 EDA Actions: ➢ Elected Officers for 2014. ➢ Approved the EDA 2014 Business Plan. ➢ Approved the EDA 2013 Annual Report. ➢ Received a Presentation of the Open to Business Program by Christine Pigsley. ➢ Approved Quarterly Financial Report Reviews- EDA Special Revenue Fund. _ _ _1I Page_ ➢ Approved a budget amendment for Technology Village Phase II Funding. ➢ Approved "RiverSouth"joint marketing contribution. ➢ Appointed the Economic Development Advisory Committee (EDAC) Liaison. ➢ Appointed a new Technology Village Board member. ➢ Recommended approval of Sewer and Water Fee Deferral Program amendments. ➢ Considered a Downtown Redevelopment project proposal (office/restaurant). ➢ Obtained an Economic Development Incentive Grant from Scott County as matching funds for a Downtown Parking Study. ➢ Supported the acquisition of a Colorado Street Residential Property for demolition. ➢ Received updates and provided direction to EDAC and Technology Village Subcommittees. ➢ Authorized funds and supported updates to the City's Marketing Packet/Community Profile. ➢ Supported a Technology Village U.S.Small Business Administration Grant Application. ➢ Recommended approval of the 2015 EDA Budget and EDA Levy. ➢ Supported the acquisition of a Dakota Street residential property for future redevelopment. ➢ Evaluated amendments related to Architectural Design Standards for comm./incl. buildings. ➢ Considered a Downtown Property Acquisition Plan to prioritize future redevelopment sites. ➢ Approved the Technology Village Phase 11.2 Business Plan. ➢ Recommended approval of"business friendly" C-3 Business Park Ordinance amendments. ➢ Identified 2014 Accomplishments and 2015 Goals. Summary of 2014 Development Activity: ➢ Commercial/Industrial Building Permit Value (from City Reports): Year New Commercial Additions &Alterations Total 2011 $0 $839,900 $839,900 2012 $1,094,000 $632,300 � $1,726,300 2013 $930,000 $2,701,700 p $3,631,700 2014 $85,000 $3,497,000 p $3,582,000 ➢ Prior Lake Employment Levels (from DEED, 3rd Quarter QCEW Reports): • 2011=7,642 • 2012 = 7,807 • 2013= 7,965 • 2014=8,098 ➢ Prior Lake Business Establishments (from DEED, 3rd Quarter QCEW Reports): • 2011= 555 • 2012 = 529 • 2013 = 534 • 2014=528 ➢ Commercial/Industrial Market Value (from Scott County Assessor): • 2011=$128.9 million (4.9%of total) • 2012=$126.3 million (5.0%of total) • 2013 =$127.0 million (4.9%of total) • 2014=$134.9 million (4.9%of total) Wage I P ag e_ > 2014 Commercial/Industrial Activity Business Type Address KleinBank Acquisition Acquired Prior Lake State Bank Ace Hardware Acquisition Acquired Al's True Value Kids Count Daycare Expansion 6880 Boudin St.NE All State Insurance New Business 14033 Commerce Ave.NE Anchor Boutique New Business 16511 Anna Trail SE Denim Rose New Business 14162 Commerce Avenue NE,Suite 600 Innovative Computer Professionals,Inc. New Business 4719 Park Nicol let Avenue SE,Suite 120 Local Vibe(Technology Village) New Business 4647 Dakota St.SE,Suite.C105 MyCarte(Technology Village) New Business 4646 Dakota St.SE,Suite.C104 Paragon Restoration II New Business 5448 Cottonwood Lane SE Van Curler Insurance Agency New Business 16288 Main Ave.SE,Suite 200 Medical Disposal Systems New Business 4719 Park Nicol let Avenue SE Guardian Energy New Business 4385 Fountain Hills Drive NE,Suite 301 Allure Salon&Studios New Business 16511 Anna Trail SE Allied Excavating,Inc. New Construction 17210 Adel mann St SE Snap Fitness Relocation 16731 Hwy 13 South The Lira Collaborative Arts School Relocation 16154 Main Ave.SE,Suite 110C Thrivent Financial Relocation 16151 Main Ave.SE Michael's Cycles Relocation 16731 Hwy 13 South Little Saints Early Childhood Center Relocation 5634 Luther Rd SE Thrivent Financial Relocation 16180 Hastings Ave.SE,Suite 302 *This list was compiled based on a review of 2014 signage and commercial building permits. This may not be a complete list of all commercial/industrial acquisition,new business and relocation activity. n . ik 1 w+-rntW'+ '. u- uM t� f 3IPage